Nordea 1 - European Alpha Fund - March 2008
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Nordea 1 – European Alpha Fund
March 20081st part - Content
Is the process successful?
How do we construct the portfolio?
What are our views?
2Is the process successful?
Ashburton European Equity Fund
Same investment philosophy, process and investment team
• Top decile ranking in all years
to date (since inception). 3-year performance chart (as of 22.02.2008)**
• With an actual ranking of (in
the Morningstar* Europe
Equity Large Cap Blend
Category) … :
- No.5 year to date
- No.2 over 1, 3, 5 years
- No.2 since inception
• 5 Star (Morningstar Fund)
• Achieved a 93% return over 3
years vs a benchmark of 32%.
* Data Source - © 2008 Morningstar, Inc. All Rights Reserved as of 22.02.2008, www.morningstar.co.uk.
**Data Source- 2008 Bloomberg. All Rights Reserved as of 22.02.2008 . Performance is calculated NAV to NAV gross income reinvested, in EUR, excluding initial and exit
charges as per 22.02.2008. Past performance is not necessarily a guide to the future and investors may not recover the full amount invested.
31st part - Content
Is the process successful?
How do we invest?
4Investment philosophy
“ We invest with conviction ”
5Investment process
Internal Feedback + Analyst Feedback + Independent + General Research
Growth Death of European/Global Other
Long Term in Asia Cheap Oil Infrastructure
Increasing Food Req. Alternative Energy Security of Power
Medium Term
Mining Maritime Oil Services E+P Companies Div. Water
Infrastructure
Qualitative Research Quantitative Research
Analyst Input PE
Short Term Meet management PEG
(where possible)
DCF
P/NAV… etc
6Investment process
Internal Feedback + Analyst Feedback + Independent + General Research
Growth Death of European/Global Other
Long Term in Asia Cheap Oil Infrastructure
Increasing Food Req. Alternative Energy Security of Power
Medium Term
Mining Maritime Oil Services E+P Companies Div. Water
Infrastructure
Qualitative Research Quantitative Research
Analyst Input PE
Short Term Meet management PEG
(where possible)
DCF
P/NAV… etc
72nd part - Current opportunities
A European Fund with a Global outlook
1. The increasing relevance of ‘Global Trade’ to European Companies
In 1982 Global Trade represented 18% of GDP. Today it represents 32%
8More than just two cities… 9
Urban households by annual income (% total)
Global affluent (+$25,001)
Mass affluent ($12,501-25,000)
Upper-middle class (US$5,001-12,500)
Lower-middle class (US$3,001-5,000)
Poor (under US$3,000)
100%
80%
60%
40%
20%
0%
1985 1995 2005 2015 2025
Source: The Economist
102nd current opportunity
Equity Cluster for “Growth of Asia”
Maritime
111st current opportunity
The Dry Bulk Industry
• Represents 38% of the world’s seaborne freight.
• 67% of this freight is taken up carrying iron ore, coal and grain.
• Invested in Belgian, Danish, Norwegian and Greek companies.
100%
90%
Other
80%
Dry Bulk
70%
38% Grain
Other 60%
62% 50%
Coal
40%
30%
20% Iron
10% Ore
0%
121st current opportunity Coal – Chinese Influence • China is building the equivalent of 5 Los Angeles a year. • 78% of Chinese power is derived from coal. • China is currently building 2 coal fired power stations A WEEK. • First time in 10,000 years the Chinese are net importers of coal. 13
1st current opportunity Iron Ore – Chinese Influence • China consumes 33% of the world’s iron ore. • In 1990 the Chinese consumed 5% of global seaborne freight, in 2001 this rose to 20%, it now represents a staggering 45%. 14
1st current opportunity Port Congestion • Up to 13% of vessels (91/800) have been left waiting outside the Port of Newcastle. • Iron Ore negotiations. • Japanese Nuclear reactor and problems. • Grain supply….creating fixture panic. 15
Diversity of Holding Period
Port of Newcastle: Ship queue Dry Bulk Day Rates
Growth
in Asia
Mining Maritime
RIO TINTO GOLDEN OCEAN
4 YEARS (320% Return) 1YEAR (418% Return v buy and
hold 284%)
162nd part - Current opportunities
How can a European Fund Invest in this theme
• Companies involved in Shipping
DS Norden, DS Torm, Golden Ocean, Wartsilla, MAN,
• Mining and Metals Companies
Rio Tinto, Anglo American, Norsk Hydro, Xstrata, Vedanta
• “Shortage of Food” related companies
Syngenta, Bayer, K+S, Yara, BASF, Black Earth
Maritime
Metals and
8% Mining
Growth of
Asia, 34% 15%
Global
Food
Requirements
10%
172nd part - Current opportunities European Fund Gorilla Views 1. Growth of Asia…in particular China 2. Death Of Cheap Oil 18
2nd current opportunity
The Challenge of Supplying Global Oil Demand Growth
• Supply – has grown to meet
a demand that is now over
82 million barrels a day
1000 barrels
• Spare Capacity- Normally
a second
the world operates with a
‘cushion’ of spare capacity.
• Today this cushion is
extremely thin
(approximately 2m barrels a
day)
• The industry is currently
working at 97.5% utilisation
……..future supply
192nd current opportunity
Source: BP. Date: 29.12.2006
• No major, cheap onshore oil
discovery since 1975
• Giants have been declining since
the early ’80’s
• Average amount of oil extracted
(per well drilled) has declined
since 2001.
202nd current opportunity
The Challenge of Supplying Global Oil Demand Growth
• Supply….current operating
fields are declining at between
5- 8%.
• And cost of extraction is
increasing.
212nd current opportunity The Ghawar field – ‘the King of kings’ • At over 3500 square kilometres it is the size of Mallorca. 22
2nd current opportunity The Ghawar field – ‘the King of kings’ • At over 3500 square kilometres it is the size of Mallorca. • Over the last 60 years it has provided between 55-65% of Saudi Oil. • Started production in 1951 (cost $1.5-$2.5 a barrel). • Now cost is around $20-$25. 7m barrels of water. 23
2nd current opportunity
The Challenge of Supplying Global Oil Demand Growth
Taking just the coastal 1/3 of China to the Korea / Japan level
of 16 barrels/capita requires 20 mbd (or 2 Saudi Arabias at 100% capacity).
242nd current opportunity
The Challenge of Supplying Global Oil Demand Growth
• Demand…World demand is
growing at between 1.5 –
2%.
• The World needs more oil
discoveries to meet this
area of required supply.
• The world needs to drill
offshore.
252nd current opportunity
Equity Cluster for “Death of Cheap Oil”
Oil Services offshore
262nd current opportunity
Rig Fixtures for deepwater suggest a Super-cycle
• PDO are starting to pick up
(Planning Development Timeline)
Source: Chevron Source: Bloomberg. Date: 31.07.2007
272nd current opportunity
The Fund invests in
“The Golden Triangle” •Oil Services
Ocean Rig, Awilco, Fred Olsen, Songa,
Seadrill, Sevan Marine, Prosafe, PGS,
Schoeller-Bleckmann
•E+P Companies
Cairn, Tullow, GALP, BG
•Alternative Energy
Solarworld, Qcells, Gamesa, Vestas,
Death of Oil E&P Alternative Oil Services
Cheap Oil 7% Energy 15%
28% 6%
282nd part - Current opportunities European Fund Gorilla Views 1. Growth of Asia…in particular China 2. Death Of Cheap Oil 3. German / Global Infrastructure 29
Future opportunity
European Infrastructure Development of Adriatic-Baltic,
Eurasian and INTERIM Land bridges
• East Europe must accommodate
increased supply and distribution
pressures.
• Networks bottleneck through Austria and
Germany;
• €57 Billion German transport investment
(2006-2010).
EMERGING EUROPE
• Total cost of upgrading the Polish water
system 16 Billion Euros (up to 2015);
• Construction of 320 wastewater treatment • Eighty Nuclear power plants in Eastern
plants and 460 collective sewage systems. Europe and former Soviet Union in need
• Upgrading 21,000km of water pipelines. of renovation or replacement.
30China is spending over $500bn on road
and rail infrastructure alone over the
next three decades.
The Global Picture
Over the next 5 years Brazil has
a need for $30bn and due to
their high national debt (50% of
GDP) they are turning to the PPP
model.
India to spend
$488bn in
infrastructure over
the next 5 years.
$104bn (annual) has been
committed by the Australian
federal & state governments to
infrastructure over the next 10
years.
312nd part - Current opportunities
How can a European Fund Invest in this theme
• Power
EDF, RWE, E.ON, Red Electrica
• Water
Veolia Environment, Suez, Weir Group
• General Infrastructure
Hochtief, Bouygues, Alstom, ABB, Vossloh
Water
3%
Power
Security
5%
Diversified
Infrastructure
Infrastructure 14%
22%
32Fund features
Nordea 1 – European Alpha Fund
Portfolio allocations (as of 11.02.2008)
Macro drivers – Gorilla views All Equity Clusters
Maritime, 8%
Water, 3% Other, 13% Metals and
Cash, 4% Growth of Mining, 15%
Other , 13% Asia, 34% Cash, 4%
Power
Security, 5%
Diversified Global Food
Alternative
Death of Cheap Infrastructure, Requirements,
Infrastructure, Energy, 6%
14% Oil Services,
22% Oil, 28% 10%
Oil E&P, 7% 15%
Source: Ashburton (Jersey) Limited. Date: 11.02.2008
33Investment philosophy
“ We invest, with conviction ”
34Appendix - Ashburton - the sub-manager
Two partners – one goal
Nordea’s multi-boutique approach: choosing the right partners
Building on the already existing strengths of a multi-boutique product offering by
identifying, managing and securing the services of the best fund managers in the
industry, Nordea has entered into a partnership with one of the most successful
investment managers in the European Equity sector:
Ashburton (Jersey) Limited
3536
Appendix - Investment process
External and Internal Research
Sector / Equity Cluster Allocation
Stock Selection inside Sector / Equity Cluster
Portfolio Construction
Risk Management’s policies & Sell Discipline
37Appendix - Investment process
External and Internal Research
• External input (avoids big international houses) via:
- Strong local brokers/analysts (expert external consultants) having a long industry
experience in a specific sector with whom have been built close relationships and
trust over the years, a ‘’team’’ of analysts has been developed.
• Internal input via:
- Discussions with inter regional teams to exchange input from their analysts
- Weekly meetings with the ‘top down’ asset allocators to discuss the global pictures,
i.e. the global economic cycle
- Monthly meetings with the CEO and Investment Director to review all aspects of the
fund
Internal Feedback + Analyst Feedback + Independent + General Research
38Appendix - Content
Ashburton (Jersey) Limited - the sub-manager
Investment Process
European Equity Team
Current Fund Features
39Appendix - Ashburton - the sub-manager Ashburton Consistent achievement, whatever the economic climate • Established in 1982, Ashburton (Jersey) Limited*, the investment managers, is centred in Jersey, the largest of the Channel Islands. • In 1998, Ashburton became part of an internationally renowned financial services organisation, the FirstRand Group (headquartered in Johannesburg). • Ashburton’s reputation has been built upon the achievement of consistent results, no matter how the stock markets are performing. • Ashburton’s Asset Allocation team (economists), whose objective is to analyse the global macro economic trends (‘top down’ view), is very strong and effective. • The Nordea 1 - European Alpha Fund will be sub-managed by the Ashburton European Equity team which is managing a product launched 10 years ago (on the 6th of January 1997) and whose performance has been exceptional. *As of the 26th of September 2007, the assets under management of Ashburton (Jersey) Limited were EUR 1.4bn. 40
Appendix - Investment process
Stock Selection inside Sector / Equity Cluster
Top-Down
• Investment Universe: companies incorporated in any European country and
also securities traded in other markets where the underlying companies derive a
significant proportion of their earnings from the European region.
• Growth at a Reasonable Price (GARP): to identify companies that are cheap
relative to their growth prospect (growth is undervalued).
Management’s Earnings Revision
Effectiveness Momentum
Qualitative Quantitative
Research Research
‘GARP’ Analyst Input PE
Meet management PEG
(where possible)
DCF
Earnings Quality
Value P/NAV… etc
and Trend
41Appendix - Investment process
Stock Selection inside Sector / Equity Cluster
Top-Down
• Tools to assess Management’s Effectiveness:
company visits - access to Top Management of companies through meetings with
participation of analysts/specialists.
• Earnings Revision Momentum:
particular reference to earnings revisions both at the sector and stock levels (changing
views of analysts, particularly in respect to earnings revisions).
• Earnings Quality and Trend:
measures to identify companies that have a robust and efficient capital structure and rising
cash flow supporting a favourable trend in earnings per share. Source: Reuters
Knowledge database (Reuters Brokers’ Research), Bloomberg, sector based conferences,
analysis of financial statements.
• Value:
to select companies with low share price relative to expected growth rate (PEG ratio1). We
identify companies that are cheap relative to their peers and our estimation of the fair
value, looking for growth in both earnings and book value (principal rationale to buy
“Growth at a Reasonable Price”).
1 Price/Earnings to Growth ratio
42Appendix - Investment process
Portfolio Construction
• Between 60 and 80 stocks – to diversify away specific risks.
• Investments between 1% and 1.5% of NAV – to minimise impact of losses
from one particular stock.
• Average size of holding: 1.3%.
• Combine Large Cap stocks with Mid/Small Cap – no restriction with regard to
the size of stocks.
• The benchmark, used as a reference point, does not dictate country, sector or
stock weightings used in the portfolio. The MSCI European Model Portfolio is
used purely as a guideline to sector allocations.
43Appendix - Investment process
Risk Management’s policies
• Top slicing: part of a position sold when an out performer becomes a too large
part of the portfolio.
• Daily monitoring of stocks relative to their sector, index and benchmark. A
drawdown of over 15% will normally lead to a sell (unless exceptional
circumstances prevail), i.e. stop loss methodology.
• Minimum liquidity requirement: no position that constitutes over 20% of
the average 90 day daily volume (in value terms).
• Use of options permitted for the purpose of Portfolio Insurance under specific
circumstances.
44Appendix - Investment process
Sell Discipline
Fundamental Changes in view on sectors such as
change in negative EPS revision ratios*:
management
or strategy - If the portfolio is over weighted in a
sector that is being relatively
downgraded reduce part or total
exposure to this sector.
Change in Valuation:
earnings
- Exception:
quality SELL fair value has
been reached
to hold stocks of this downgraded sector,
and trend the investment team will need a solid
rationale. The reasons may include:
• The stock held is being upgraded;
Negative • The broad sector may be getting
EPS downgraded, but the sub sector that the
revision portfolio is invested in is being upgraded.
ratios*
45Appendix - European equity team
Nordea 1 – European Alpha Fund
Investment Team
Name Title Years with Ashburton
Richard Robinson Head of Pan European Equities Team, Investment Manager 7
Nicky Ludlam Investment Manager 14
The Investment Managers are supported by the asset allocation team.
Richard Robinson – Head of Pan European Equities Team, Investment Manager
• Richard Robinson joined Ashburton in 2000 and is Head of the Pan European Equities team.
• Richard studied at the University of Wales College, Cardiff, before joining a Jersey private bank as a
security dealer.
• Richard holds the MSI (Dip) and is a Member of the Securities Institute. He also holds the Investment
Managers Certificate.
Nicky Ludlam – Investment Manager
• Nicky Ludlam joined Ashburton in 1993 and is part of the Pan European Equities team.
• Nicky previously worked for Ernst & Young, during which time she qualified as a Chartered Certified
Accountant.
• Nicky was previously part of the asset allocation team, focusing on management of the underlying
equity constituents of the core services of Asset Management and Advanced Portfolio Services.
• She also successfully ran Ashburton's Asia Pacific Fund for four years.
Source: Ashburton (Jersey) Limited, Date: 31.08.2007
46Appendix - Fund Features
Ashburton European Equity Fund
Ranked in the top decile of European Equities funds
Offshore and International Funds 31/01/2007 31/01/2005 31/01/2003
Equity Europe 31/01/2008 31/01/2008 31/01/2008
%Chg Rank Decl %Chg Rank Decl %Chg Rank Decl
MSCI Europe** -13.3 23.7 66.7
Ashburton European Equity PC€ -2.4 9 1 84.0 1 1 164.5 4 1
Sector average and number of funds*** -13.4 388 29.4 330 79.4 254
Offshore and International Funds 31/01/07 31/01/05 31/01/03
Equity Europe 31/01/08 31/01/08 31/01/08
Sharpe Sharpe Sharpe
(Ann) (m)**** Rank Decl (Ann) (m)**** Rank Decl (Ann) (m)**** Rank Decl
MSCI Europe** -1.26 0.27 0.57
Ashburton European Equity PC€ -0.33 6 1 1.02 1 1 1.08 11 1
Sector average and number of funds*** -1.16 388 0.36 330 0.65 254
Data Source - © 2008 Morningstar, Inc. All Rights Reserved, Offshore and International Funds database, Equity Europe.
* This sub-fund is not authorised for public distribution in Continental Europe. ** Bloomberg, MSCI Europe price index (Bloomberg ticker: MXEU Index). *** Category average:
Morningstar Equity Europe sector average. **** Risk free rate: 4.30%. Performance calculated NAV to NAV gross income reinvested, in EUR excluding initial charge as per
31.01.2008. Past performance is not necessarily a guide to the future and investors may not recover the full amount invested.
47Appendix - Fund features
Nordea 1 – European Alpha Fund
Top Ten Holdings (as of 31.01.2008)
Top Ten in %
Company ISIN Weight in %
D/S Norden DK0060083210 2.69
Golden Ocean BMG4032A1045 2.69
Rio Tinto GB0007188757 2.34
Peter Hambro Mining GB0031544546 2.33
Syngenta (CHF) CH0011037469 2.32
Songa Offshore NO0010268451 2.32
Xstrata Plc - GBP GB0031411001 2.12
Norsk Hydro NOK NO0005052605 1.97
Red Electrica De Espana ES0173093115 1.96
Prosafe SE CY0100470919 1.92
Total 22.66
Source: Nordea Investment Funds S.A. Date: 31.01.2008
48Appendix - Fund features
Nordea 1 – European Alpha Fund
Sector weightings (as of 11.02.2008)
30%
25% Underweight
20%
Nordea 1 - European Alpha Fund MSCI Europe (Net Return)
15%
10%
5%
0%
gy
s
gy
re
ls
s
es
ds
rv
at
l
tie
ica
ia
Se
Ca
M
lo
pl
er
G
nc
tili
no
a
En
cl
sic
l
m
ta
th
St
U
na
Cy
ch
om
Ba
i
l
ap
ea
Fi
on
Te
on
C
C
H
C
C
Source: Ashburton (Jersey) Limited, MSCI. Date: 11.02.2008
49Appendix - Fund features
Nordea 1 – European Alpha Fund
Country weightings (as of 11.02.2008)
40%
35% Underweight
30%
25%
20% Nordea 1 - European Alpha Fund MSCI Europe (Net Return)
15%
10%
5%
0%
Netherlands
Switzerland
Norway
Italy
Finland
Ireland
Belgium
Germany
Sweden
Portugal
Denmark
others
Emerg. Europe
Austria
Spain
France
UK
Source: Ashburton (Jersey) Limited, MSCI. Date: 11.02.2008
50Appendix - Fund features
Nordea 1 – European Alpha Fund
Market Cap. distribution (as of 11.02.2008)
Source: Ashburton (Jersey) Limited, MSCI. Date: 11.02.2008
51Appendix - Investment philosophy
EPS1 Revision Ratios
Offering some indications about future returns
Financial analysts release stock EPS revisions to financial markets…
The changing views of analysts, particularly in respect of earnings revisions, are given
numerical values that are used to provide signals about the likely future direction of the
share price of a company.
Excess Return vs. Negative EPS RR
Positive EPS Revision Excess Return:
Ratios, i.e. above 1. noticeable divergence depending
on whether stocks have EPS
Revision Ratios that are positive
Negative EPS Revision
Ratios, i.e. below 1. vs. those that are negative (EPS
revs over the last 3 months).
1EPS = Earnings per share
52Appendix - Investment philosophy
Positive EPS Revision Ratios confirm our views on sectors,
but they do not determine alone investment decisions
Leaders vs. Laggards
Skewing the portfolio towards those companies Fund Benchmark
Weighting1 Weighting2
with positive 3-month Earnings Revision Ratios Earnings Leaders
Industrials 32% 11%
EPS Revision Ratio broken down by sector Oil Services 19% 0.1%
Basic Materials 12% 8%
Financials 8% 29%
Weighting in Leaders 71% 48%
Earnings Laggards
Energy 6% 8.9%
Utilities 4% 6%
MSCI Europe
Consumer Discr. 4% 10%
Telecom. Services 2% 6%
Health Care 3% 8%
Information Tech. 4% 4%
Source: Merrill Lynch, Dresdner KB. Date: 28.09.2007 Consumer Staples 3% 9%
As of 28th of September 2007, 1 Ashburton Global Funds PCC
Weighting in Laggards 27% 52%
European Equity Fund PC, 2 MSCI Europe
53Appendix - Investment philosophy
Analysis shows in Europe correlation between sectors is
much lower than correlation between countries
• Regional and sector correlation relative to
the FTSE Eurotop 300 Portfolio Correlation vs. FTSE Eurotop 300
• Data regressed over 3 separate, 3-year 2000-2002
periods (2000-2002, 2002-2004 & 2004- (Bear market)
2006)
• Countries taken represent 87% of the index 2002-2004
and only countries with > 5% representation
in the FTSE Eurotop 300 have been
2004-2006
considered.
• Sectors = constituent sectors of the FTSE 0.00 0.20 0.40 0.60 0.80 1.00
Average country correlation Average sector correlation
Eurotop 300 and only includes those
sectors with data for 4 years minimum.
Source: Bloomberg. Date: 29.12.2006
• The closer to 1, the greater the
correlation to the FTSE Eurotop 300 (zero Lower correlation between sectors
= no correlation). versus the FTSE Eurotop 300
54Contact Austria Nordea Investment Funds S.A. Repräsentanz Österreich Mahlerstrasse 7/2/24 A-1010 Wien www.nordea.at nordeafunds@nordea.lu Freephone: 00800 43 39 50 00 55
Disclaimer The sub-funds mentioned are part of the Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d'Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with the European Community Directive 85/611/CEE of 20th December 1985. The custodian of the assets of the SICAV is Nordea Bank S.A., Luxembourg. Investments in the Nordea funds should be made on the basis of the current prospectus, which is available, along with the simplified prospectus, current annual and semi-annual reports, free of charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors. The performance represented is historical; past performance is not necessarily a guide to the future and investors may not recover the full amount invested. A transaction involving a foreign exchange transaction may be subject to fluctuations of currency values which may affect the value of an investment. The minimum subscription amount is EUR 50 or the currency equivalent thereof. The value of shares can fluctuate and is not guaranteed. Investments in Emerging Markets involve a higher element of risk. Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg. Additional information for investors in Switzerland: The Swiss Federal Banking Commission (SFBC) has granted authorisation for the Nordea 1, SICAV to be publically distributed in and from Switzerland. The documents listed above, as well as the Articles of Association, are available free of charge from the Swiss Representative and Paying Agent, Nordea Bank S.A. Luxemburg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich. Telephone (+41) 44 421 42 42, Telefax (+41) 44 421 42 82. Additional information for investors in Germany: Information and Paying Agent in Germany is Nordea Bank Finland Plc, Niederlassung Deutschland, Grüneburgweg 119, D-60323 Frankfurt am Main. The above-mentioned fund documentation is also available on paper from here. Additional information for investors in Austria: Sub-paying Agent and Representative in Austria is the Erste Bank der Österreichischen Sparkassen AG, Graben 21, A-1010 Vienna. Additional information for investors in France: With the authorisation of the Autorité des Marchés Financiers (AMF) as per 11.03.2003, the Nordea 1, SICAV may be distributed to investors in France, as published in the Bulletin des Annonces Légales Obligatoire dated 19th March 2003. Centralising Correspondent in France is CACEIS Bank, located at 1-3, place Valhubert, 75013 Paris. Investors are recommended to research carefully before making any investment decision. Additional information for investors in Spain: The Nordea 1, SICAV is duly registered in the CNMV official registry of foreign collective investment institutions as authorised to be marketed to the public in Spain with number 340. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the mandatory documentation that must be received from the authorised distributor of the SICAV prior to any subscription, or that may be obtained from the CNMV registries. Additional information for investors in Italy: In Italy, fund documentation as listed above are also available in Italy from the distributors and on the website www.nordea.it. The updated list of the distribution agents in Italy, grouped by homogenous category, is available at the distributors themselves, at the branches of Intesa Sanpaolo S.p.A. (located in the main towns of each region) and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus carefully. It is recommended to read the last annual financial statement in order to be better informed about the fund's investment policy. For the risk profile of the mentioned sub-funds, please refer to the fund prospectus. Additional information for investors in the United Kingdom: Approved by Nordea Bank Finland Plc, London Branch, which is regulated by the FSA in the United Kingdom. Additional information for investors in Latvia: Representative and Paying Agent is Nordea Bank Finland Plc, Latvia Branch, 15, Kalku Street, LV-1050 Riga. Additional information for investors in Estonia: Representative and Paying Agent in Estonia is Nordea Bank Finland Plc, Estonia Branch, Hobujaama 4, 15068 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank Finland Plc, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Source: Nordea Investment Funds S.A. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income reinvested, in the base currency of the subfund, excluding initial and exit charges as per 31/01/2008. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A. This document may not be reproduced or circulated without prior permission and must not be passed to private investors. This document contains information only intended for institutional investors and independent financial advisers and is not intended for general publication. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same, but is included for the purpose of illustration. 56
You can also read
